WICHITA BIZ LOAN is a new loan program developed by the City of Wichita, in partnership with INTRUST Bank, Commercial Federal Bank, Small Business Administration, South Central Kansas Economic Development District, U.S. Department of Housing and Urban Development and Wichita Technology Corporation.
WICHITA BIZ LOAN is designed to provide HUD Section 108 loan funds with bank loans to create a below market interest rate loan opportunity for qualified, eligible small businesses (both existing and new businesses) within the City of Wichita’s Neighborhood Revitalization Areas. The loans will generally consist of a 2:1 ratio of private lender funds to HUD Section 108 funds. For the HUD Section 108 portion of the loan, interest and principal will be waived for the first 12 months and only interest is due during the following 24 months. However, the borrower must pay principal and interest for the private lender’s portion of the loan.
General loan requirements will follow SBA underwriting standards. The program guidelines require that the business be located in the City of Wichita’s Neighborhood Revitalization Area and require job creation at a rate of one job for every $35,000 of HUD funds borrowed. Loans may be made to eligible retail, service and manufacturing companies. The loan amount range is from $25,000 to $1,000,000. The program was designed not to compete against microloan programs that currently exist.
Interested persons should start the process by logging on to www.wichitabizloan.com and taking the Quick Test to see if you qualify. This web site also explains the program requirements, provides the eligibility criteria and the required forms. For further information, contact the Wichita Technology Corporation by calling (316) 683-LOAN. The Wichita Technology Corporation is located at 7829 E. Rockhill Rd. Suite 307, Wichita, Kansas 67206. The Wichita Technology Corporation will assist the applicant with eligibility requirements and the loan process.